Sep 23, 2010 7:00pm PDT
to close their markets. >> susie: that's u.s. trade rep ron kirk. he joins us for an exclusive interview about our trade issues with china. you're watching "nightly business report" for thursday, september 23. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. president obama today met with china's premier in new york city, and, susie the leaders of the world's two biggest economies pledged to work together on boosting the global recovery. >> susie: but tom, in their public remarks, the men didn't talk about china's undervalued currency. instead, that's said to have topped the agenda for their private meeting. the issue-- keeping china's currency artificially low puts american exports at a disadvantage overseas. >> tom: lawmakers in washington, meantime, are closer than ever to acting on threats to penalize china over its currency. earlier today, i c
Sep 13, 2010 7:00pm PDT
audible on wall street today, and in the offices of many u.s. banks. not only are the new capital standards looser than expected, but there's nearly a ten-year phase-in-- considered an eternity in the marketplace. experts say the so-called basel 3 requirements eliminate some uncertainty for financial stock investors, who were worried the rules would be tougher. k.b.w.'s fred cannon says, more importantly, they should help banks do business more cautiously. >> it means that there is risk retention for the banks. if they make a loan or do a mortgage securitization or subprime loan, they are going to have to take some risk and hold it on their balance sheet. and, that's a good thing because that's clearly one of the issues that got us into trouble a couple of years ago. >> reporter: some experts also believe the new capital standards will result in the return of juicy dividends, something that's been missing since the financial crisis unfolded. >> the banks have been precluded from paying dividends because they didn't know what capital needed to be, and they had to keep it all. now w
Sep 6, 2010 7:00pm PDT
for joining us for this labor day special edition. the jobs picture just keeps getting worse. tom, back in january, the economy was adding jobs and the recovery was gaining momentum. then europe's debt woes exploded and the global recovery came to a grinding halt. >> tom: susie, the latest employment numbers aren't much help. 54,000 jobs disappeared from u.s. payrolls in august, and the unemployment rate hit 9.6 >> susie: so how bad is the employment picture, and how long will it take to get back to where we were before the recession started? suzanne pratt puts it in perspective. >> reporter: it seems lately that signs like these are extremely hard to come by. even though the great recession may technically be over, the labor market is far from recovered. the nation's unemployment rate hit 10% late last year and has hovered just below there ever since. but economist dan greenhaus says that widely quoted number understates the magnitude of the job crisis and the inequalities within it. >> if you're an advanced degree white guy working not in construction, you're fine. it's like 4.5%. it'
Sep 2, 2010 7:00pm PDT
by wpbt >> tom: good evening, and thanks for joining us. ben bernanke said today it's a myth that lehman brothers could have been saved, perhaps preventing the financial crisis. susie, the fed chairman also says he's partly to blame for creating that myth. >> susie: tom, bernanke was the star witness on capitol hill today, answering questions from the financial crisis inquiry commission. the committee was commissioned by congress to figure out why lehman failed, and to answer the bigger question of what caused the financial crisis. >> tom: bernanke's testimony was a look at the lessons learned from the crisis and a look at how to prevent another one in the future. darren gersh reports. >> reporter: speaking to the financial crisis inquiry commission, federal reserve chairman ben bernanke admitted he thought lehman brothers was not merely facing a cash crunch when it failed. he thought the firm was very likely insolvent, a fancy way of saying it couldn't pay its debts. but in 2008, bernanke chose not to share that thought with congress. >> it was a judgment at that moment, with the system